an accommodative policy interest rate continues to be warranted." In March, the statement read "the outlook continues to warrant a policy interest rate that is below its neutral range." This is a shift to neutral from the hawkish bias noted in January: The BOC "continues to judge that the policy interest rate will need to rise over time into a neutral range to achieve the inflation target. The appropriate pace of rate increases will depend on how the outlook evolves, with a particular focus on developments in oil markets, the Canadian housing market, and global trade policy."